The International Tax Compliance (Amendment) Regulations 2025

Amendment of regulation 1 (interpretation)

3.  In regulation 1—

(a) in paragraph (3)—

(i) before sub-paragraph (b), insert—

“(aa) the OECD (2014), Standard for Automatic Exchange of Financial Account Information in Tax Matters(1) as amended by the 2023 update to the Common Reporting Standard contained in the OECD (2023), International Standards for Automatic Exchange of Information in Tax Matters: Crypto-Asset Reporting Framework and 2023 update to the Common Reporting Standard(2), including the commentary (the “CRS”).”;

(ii) omit sub-paragraph (b);

(iii) for sub-paragraph (c), substitute—

“(c) the agreement reached between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America to improve international tax compliance and to implement FATCA, signed on 12th September 2012 and amended in June 2013 and February 2019(3) (“the FATCA agreement”)”;

(b) omit paragraph (3A);

(c) in paragraph (6), omit “222 or”;

(d) after paragraph (6), insert—

“(7) In its application for the purpose of these Regulations, the CRS is to be read as if—

(a) the optional wording in paragraph 36sexies of the commentary to Section VIII of the CRS adding the term “qualified non-profit entity” were included in the definition of “non-reporting financial institution” at sub-paragraph B(1)(f),

(b) the optional wording in paragraph 36sexies of the commentary to Section VIII of the CRS defining the term “qualified non-profit entity” were included at sub-paragraph B(10), and references in that wording to “Jurisdiction” were a reference to the United Kingdom,

(c) the published list referred to in Section VIII(D)(4)(ii) (definition of reportable jurisdiction) were the list contained in a notice published by the Commissioners further to this regulation, and

(d) the published list referred to in Section VIII(D)(5)(ii) (definition of participating jurisdiction) were the list contained in a notice published by the Commissioners further to this regulation.”.

(1)

The OECD (2014), Standard for Automatic Exchange of Financial Account Information in Tax Affairs is available at https://doi.org/10.1787/9789264216525-en and a hard copy is available for inspection at the offices of HMRC at 14 Westfield Avenue, Stratford, London E20 1HZ.

(2)

The OECD (2023), International Standards for Automatic Exchange of Information in Tax Matters: Crypto-Asset Reporting Framework and 2023 update to the Common Reporting Standard is available at https://doi.org/10.1787/896d79d1-en and a hard copy is available for inspection at the offices of HMRC at 14 Westfield Avenue, Stratford, London E20 1HZ.

(3)

That agreement, as signed on 12th September 2012, is contained in a Command Paper published by the Stationery Office Ltd with the title “Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA” (Cm 8445, 2012). Annex II to the agreement was amended by an exchange of notes between the two governments dated 3rd June and 7th June 2013, which is contained in a Command Paper published by the Stationary Office Ltd with the title “Exchange of Notes between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America Updating and Amending the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA done at London on 12 September 2012” (Cm 8656, 2013). Annex II was further amended by a competent authority agreement signed by HMRC and the US Internal Revenue Service (IRS) on 13th and 14th February 2019 with the title “Agreement between the Competent Authority of the United States of America and the Competent Authority of the United Kingdom of Great Britain and Northern Ireland to Update Annex II of the Agreement between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland to Improve International Tax Compliance and to Implement FATCA”. Copies of the agreement signed on 12th September 2012, the exchange of notes dated 3rd June and 7th June 2013 and the competent authority agreement signed on 13th and 14th February 2019 are available at https://www.gov.uk/government/publications/uk-us-automatic-exchange-of-information-agreement/uk-us-automatic-exchange-of-information-agreement and hard copies are available for inspection at the offices of HMRC at 14 Westfield Avenue, Stratford, London E20 1HZ.